Shiba Inu printed a death cross on its 2-hour chart when the 50-period moving average sliced below the 200-period moving average amid intensifying selling pressure. The token briefly touched $0.00000590 before buyers pushed it back to around $0.00000614. This technical breakdown occurred as renewed macro uncertainty and thinning liquidity weighed on risk assets.
Three Straight Days of Losses Amid $485M Liquidations
Market data showed nearly $485 million in liquidations over the past 24 hours, while total crypto market capitalization shrank by roughly $100 billion. Shiba Inu slid for a third consecutive day, bringing weekly losses to more than 7%. Analysts attributed the weakness to low liquidity and trader hesitation. SHIB moved in lockstep with major cryptocurrencies as market participants trimmed exposure across the board.
Support Holds—For Now
The $0.00000590 level held as near-term support, with a deeper floor near $0.00000575 if selling resumes. On the upside, resistance is forming at $0.00000733 and $0.00000968. Price action around these levels will likely determine SHIB's next short-term move. Traders are watching macro headlines and overall market liquidity for clues, as the token remains driven by broader risk sentiment rather than project-specific catalysts.
Stability depends on whether the broader crypto market can regain its footing after the latest wave of liquidations. Until then, the $0.00000590 support line remains the key battleground.